UPDATE: BMO Capital Markets Raises PT on Isis Pharmaceuticals Following Development Head Meeting
11:00a ET April 19, 2013 (Benzinga)
In a report published Friday, BMO Capital Markets analyst Jim Birchenough reiterated an Outperform rating on Isis Pharmaceuticals (NASDAQ: ISIS), and raised the price target from $22.00 to $31.00.
In the report, Birchenough noted, “The BMO Capital Markets US biotechnology team hosted a meeting this week with Isis Pharmaceuticals SVP of Clinical Development Dr. Richard Geary. Focus of the meeting was on a burgeoning pipeline of antisense oligonucleotide (ASO) therapeutics following recent approval of its first ASO therapeutic KYNAMRO. With 28 different ASO therapeutics in development, primary focus was on key late stage programs including wholly owned ISISApoC3-Rx for severe triglyceride elevation as well as partnered programs for ISIS-SMN-Rx for spinal muscular atrophy (SMA) and TTR associated familial amyloid polyneuropathy (FAP).”
Isis Pharmaceuticals closed on Thursday at $19.41.
WoW - I said in a previouse post someone was showing me charts saying $31. I'm just surprised an anayst publicly commited. I'm looking at $22-$24, and that was called to high back in Jan/Feb. Understandably there are a lot of shares short considering 81% is owned by insiders and instatusions with X% of others shares that won't sell, so a squeeze could be huge, but to stay at that level? IDK
In no way should this stock be shorted, how have they hung on?